Economy, asked by Manu7087, 1 year ago

Hello friends What are monotonics preferences?


Manu7087: hlo

Answers

Answered by Anonymous
3
Monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.
Answered by swarna15
1
heya friend, nice question
so here is your answer.
〰️〰️〰️〰️〰️〰️〰️〰️〰️〰️
➡️ MONOTONIC PREFERENCES means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.
MONOTONE preferences essentialy say that 'more 'is preferred to 'less'.A modest version of preference monotonicity is synonymus with free disposal in consumption. "more"cannot "hurt" if any excess can be freely disposed of.
Two of the most popular definitions are as follows.::⬇️

➖➡️➖when preferences are monotone /weak monotonic preference ,the consumer prefers more of both goods.

➖➡️➖when preferences are strictly monotone or having strong monotonic preferences,the consumer prefers more of one good but no less of the other.
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Manu7087: Wc
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